Despite facing sanctions from the US, Huawei reported a slight increase in revenue during the months of January to September.

Huawei Technologies, a Chinese company specializing in telecommunications equipment, reported a slight increase in revenue during the first nine months of the year. This growth comes despite facing challenges from U.S. sanctions that have affected both its sales and ability to acquire advanced technology.

The company, based in Shenzhen, announced on Friday that it earned a total revenue of 456.6 billion yuan ($62.4 billion) in the first nine months of this year, marking a 2.4% growth from the same time last year.

Huawei, the leading producer of network equipment for communication and internet providers, reported a net profit margin of 16%, however, no comparison data was provided.

According to Ken Hu, rotating chairman of Huawei, the numbers were in accordance with predictions. He expressed gratitude towards the company’s customers and partners for their confidence and assistance.

In the future, we plan to further increase our funding for research and development in order to maximize our business portfolio and strengthen the competitiveness of our products and services,” stated Hu.

Huawei, which is not listed on any stock exchanges, has struggled since former U.S. president Donald Trump put the firm on a blacklist that blocked the Chinese company from doing business with U.S. firms, accusing it of potentially spying for China. The move effectively cut off Huawei’s access to U.S. processor chips and other technology.

Huawei refutes claims of being a security threat and maintains that it does not engage in espionage on behalf of the Chinese government.

The company, previously a leading producer of smartphones, dropped in global rankings when it was no longer able to use Google services on its devices.

Huawei has shifted its focus towards aiding in the digitalization of companies, factories, and mines. The company is a leading global investor in research and development, allocating approximately 25% of its total revenue to R&D last year. It has also made investments in cutting-edge technologies, including advanced computer chips and autonomous driving.

Last month, Huawei sparked controversy with the release of its Mate 60 smartphone line in China.

Experts have discovered that the Mate 60 Pro, a top-of-the-line smartphone, utilizes a domestically-produced advanced chip. This development indicates that the company may be making progress in overcoming the effects of U.S. sanctions.

According to Counterpoint Research, Chinese buyers were quick to purchase Mate 60 smartphones, resulting in a 37% rise in Huawei’s smartphone sales in the third quarter compared to the previous year. In contrast, other brands like Apple, Oppo, and Vivo experienced a decrease in sales growth during the same period.

Earlier this week, Huawei announced the opening of a health lab in Helsinki, Finland. This lab is a part of their ongoing efforts to expand research on health monitoring algorithms for wearable technologies.